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Our Spanish Legal Team in San Pedro have reported a worrying trend in some Spanish mortgage products. Many of these products are now moving away from there 10 year interest only period and moving to repayment. The issue we are finding is the jump in payment amounts is very substantial.
EU Property Solutions recently completed a settlement for a client whose mortgage was moving from interest only to repayment, the jump in the payment amount was €1,000. More worryingly, this repayment period commenced when the client was at retirement age. This highlights the loose lending practices of lenders pre 2008.
Many ask can I leave the keys to my property with the lender and walk away. You can, BUT the risk involved is very high. By doing this you are putting your home assets in jeopardy. On once case we completed a client had acted in this manner towards the Bank and they placed a charge on the client’s own home here in the UK. It is essential that should you no longer wish to maintain and keep your Spanish property that you amicably liaise with the lender.
EU Property Solutions specialise in Negative Equity property disposal with particular expertise in Spain thanks to our expert legal team. We can assist through the orderly disposal of the property whether it be a voluntary surrender route or open market sale. Following on from dealing with the Negative Asset we regularly achieve a full write off on the outstanding mortgage balance or alternatively a small lump sum full and final settlement.
Our team understand the process here and the relevant contacts in each Bank branch to accelerate the process and achieving the best result possible for the client.
If you mortgage rate is changing and your monthly repayment in Spain increasing and you wish to dispose of the issue then please call EU Property Solutions today on +44(0) 330 124 1230. We look forward to assisting and meeting you at one of our office locations or a place to suit you.
Please call the team today on +44 (0) 330 124 1230 to arrange your free initial consultation. We can meet at any of our office locations or alternatively we can meet at a location to suit. If you cannot meet us face to face skype/conference call meetings can be arranged and we work later nights to allow you to discuss the matter after work.